ConocoPhillips says plans $6.9-bil in 2005 capital spending
10 December 2004
New York (Platts) -- ConocoPhillips Friday said its plans about $6.9-bil of capital expenditures in 2005. About 75% of the capex budget, or $5.1-bil, will be allocated to ConocoPhillips' exploration and production and midstream segments, while refining and marketing would receive about 22%, or $1.6-mil, the major said. The remainder is to be used for emerging businesses and corporate segments. The 2005 capex budget excludes about $300-mil in capitalized interest and $200-mil in minority interest related to the Bayu-Undan project in the Timor Sea, ConocoPhillips said.
ConocoPhillips said about $900-mil of its 2005 capital budget is to be used to develop Asia-Pacific projects, the majority for continued development of Bayu-Undan in the Timor Sea, Indonesia's offshore Block B and onshore South Sumatra blocks and the second phase of China's Bohai Bay development. The budget excludes about $300-mil in capitalized interest and $200-mil in minority interest related to Bayu-Undan. Another $900-mil is to be spent in the US Lower 48 states and in Latin America, in particular for production efforts in the Lobo and San Juan basins in the Lower 48 and the development of Venezuela's offshore Corocoro field and the Delta Platform project.
The company said it plans to spend $700-mil in Alaska, with projects to include the development of the Alpine field satellites and the West Sak heavy oil field. The same amount of spending is eyed for Canada, focusing on ongoing development programs in Western Canada, expansion of the Syncrude oil sands project, Surmont heavy oil development and the Mackenzie Delta gas pipeline.
The Timor-Leste Institute for Development Monitoring and Analysis (La’o Hamutuk)